Asia/Pacific financial services institutions are still taking a measured approach to cloud computing, as the industry awaits further clarity on cloud computing regulations and better articulation of business benefits by IT vendors. The findings were revealed in a report by IDC Financial Insights, “Perspective: A Slow Ascent Toward the Cloud for Asia/Pacific Financial Services” (Doc # FIN234601, May 2012), which examined the cloud computing adoption plans of banks and insurers across major markets in Asia/Pacific.
Michael Araneta, Associate Consulting and Research Director for IDC Asia/Pacific remarks, “The financial services industry, typically an early adopter of technology, has been uncharacteristically slow to take on cloud. There is still no wide-scale adoption of the technology, despite considerable resources allocated by vendors to ensure that their offerings scale up and become more mature.”
The report, which is based on a series of surveys undertaken by IDC Financial Insights, revealed that not more than 45% of financial institutions across key markets in Asia/Pacific (namely Singapore, Malaysia, China, India, Australia, and New Zealand) have adopted some form of cloud computing services. Furthermore, the preference of the industry is for the more manageable private cloud implementations, and usually for non-mission critical areas such as IT Management, server capacity, and storage.